Price materials. Paint covers about 250 to 400 square feet per gallon per coat, depending on the texture and porosity of the surface. Don't forget solvents, masking materials, tools and equipment costs. Whether you are paying for these yourself or hiring a professional, one of you will bear the cost.
Calculate the labor involved. Some labor will be relatively unskilled, including scraping, washing and sanding and job set-up and clean-up. Other labor requires a higher level of expertise, such as spraying, trim painting, working with multiple colors and faux painting.
Find out the going rate for hourly pay in your area. This will be approximate and dependent on several different factors but you can be sure it will be higher in a large city on either coast than in the rural south or mid west. Reviewing help wanted classified ads can give you an idea.
Purchase an up-to-date construction cost directory. There are several annual directories, all giving prices for all phases of construction based on the complexity of the job and the geographical area. Some include software for estimating different jobs.
Add your overhead and profit. This can include vehicle maintenance and operating costs, health, auto and liability insurance, tools and equipment, taxes and profit.